Orr says, “This gives us, as financial institutions, banks, financial advisers, stockbrokers, the ability to help out with these folks whenever we see early signs of a financial scam with the elderly.”

Orr explained the steps that’ll be taken as this law is being implemented at our financial institutions.

First, financial exploitation needs to be defined with banks and financial advisors.

Next, banks, stockbrokers and other financial advisers will have the option to contact local law enforcement.

Financial institutions can place a 10-day hold on the account once a report has been filed.

Financial advisers or banks can also contact trusted third party.

Orr says the elderly need to remain vigilant about their finances while NAIFA works with the institutions to start enforcing these laws.

He also says the elderly can always ask questions about their personal accounts.

“By going to someone that helps them with their finances -- whether it be at their bank, whether it be their financial advisers -- all those folks at least have the ability to at least give them a second opinion or be in the forefront to at least help them out,” Orr says.